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When do you receive stock

Receiving stock occurs when you physically receive goods or products into your inventory. This process typically follows the placement of a purchase order with the supplier or the transfer of items from other stock locations within your organization. Here’s when you receive stock:

  1. PURCHASE ORDERS PLACEMENT OR INTER-LOCATION TRANSFERS:

You initiate the process by creating a purchase order in myStock to order the required items from your suppliers. Alternatively, you may transfer items from other stock locations within your organization to your current location.

  1. SUPPLIER FULFILLMENT OR INTER-LOCATION TRANSFER CONFIRMATION:

After sending the purchase order to your supplier, or initiating an inter-location transfer, the supplier fulfills the order, or the items are transferred from the designated stock locations within your organization.

  1. Goods Delivery or Inter-Location Transfer Receipt:

Upon receiving the shipment from the supplier or the transferred items from other locations, you physically inspect and verify the delivered items against the details specified in the purchase order or the transfer request.

  1. RECORDING IN MYSTOCK:

After confirming the receipt of goods or the transferred items and ensuring they meet the specified criteria, you record the stock receipt transaction in the myStock system. This involves updating the inventory records to reflect the addition of the newly received items.

  1. UPDATING INVENTORY LEVELS:

By recording the stock receipt, the inventory levels for the received items are updated in the system. This ensures that the inventory reflects the most accurate and up-to-date information regarding available stock quantities.

  1. INTEGRATION WITH OTHER PROCESSES:

The receipt of stock triggers various downstream processes within the myStock system, such as updating financial records, triggering stock alerts, and enabling the fulfillment of customer orders using the newly received items.

  1. SUMMARY:

In summary, you receive stock in the myStock system when you physically receive goods from your suppliers or transfer items from other stock locations within your organization. This ensures accurate inventory management and enables seamless integration with other business processes.